The Manger in selecting collective investment schemes for the portfolio will aim to achieve performance returns in excess of the South African Consumer Price Index plus 4% over a rolling five-year period. It will seek to capture relative value opportunities by investing in a broad range of asset classes in a balanced manner and will further focus on manager selection opportunities. In order to achieve this objective, the PMK Balanced Prescient Fund of Funds will, apart from assets in liquid form, consist solely of participatory interest in collective schemes which will invest in a diversified mix of assets, including but not limited to equities, bonds, property, preference shares, money market and fixed interest instruments, including listed and unlisted financial instruments as determined by the legislation from time to time. The equity allocation will be managed at a maximum effective exposure, including offshore equity, up to 60% and a maximum effective property exposure, including offshore property, up to 25%. The portfolio will predominately invest in South African markets but is however permitted to include investments in offshore jurisdictions subject to the investment conditions determined by legislation from time to time.